Total federal income was flat after the early 80's recession, then grew by 60%+ over the next decade, despite the Reagan tax cuts, increasing $400B.
https://fred.stlouisfed.org/series/FYFR
Federal spending continued to grow.
That's what happened.
Total federal income was flat after the early 80's recession, then grew by 60%+ over the next decade, despite the Reagan tax cuts, increasing $400B.
https://fred.stlouisfed.org/series/FYFR
Federal spending continued to grow.
That's what happened.